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The Transpacific Stabilization Agreement's 15 members plan a $1,200-per-FEU rate hike on Asia-U.S. West Coast trade Jan. 1 and want a minimum rate of $1,700 per FEU to the U.S. West Coast in 2016-17 contracts.
Combined with the sweeping Trans-Pacific Partnership free trade agreement signed last month, the Chinese policy could help "ignite new trade," according to Federal Maritime Commissioner Richard A. Lidinsky.
Cargo thefts in the United States were up 7 percent in value despite falling 18 percent by volume in the third quarter of 2015 compared with the second quarter, according to the FreightWatch International Q3 2015 U.S. Cargo Theft Report.